Revenue: As of FY2025, the actual value is USD 241 K.

EPS: As of FY2025, the actual value is USD -1.23.

EBIT: As of FY2025, the actual value is USD -20.68 M.

Financial and Operational Highlights for 2025

Revenue

• Net Revenue for ENVOY MEDICAL, INC. was $241 thousand for the year ended December 31, 2025, an increase from $225 thousand for the year ended December 31, 2024. This $16 thousand increase was primarily driven by sales of the Esteem® FI-AMEI implant and related replacement components .

Operational Metrics

• Cost of goods sold increased by $132 thousand to $874 thousand in 2025 from $742 thousand in 2024, mainly due to a $190 thousand rise in scrap and non-recurring expenses, partially offset by lower third-party fees of $77 thousand .
• Research and development (R&D) expenses increased by $2,307 thousand, from $10,179 thousand in 2024 to $12,486 thousand in 2025, primarily reflecting additional clinical trial expenses during enrollment .
• Sales and marketing expenses decreased by $514 thousand, from $1,734 thousand in 2024 to $1,220 thousand in 2025, mainly due to a reduction in legal fees for reimbursement work related to the Esteem FI-AMEI product .
• General and administrative expenses increased by $1,105 thousand, from $6,826 thousand in 2024 to $7,931 thousand in 2025, primarily due to severance costs for the former Chief Financial Officer and increased consulting expenses .
• Total costs and operating expenses for 2025 were $22,511 thousand, up from $19,481 thousand in 2024 .
• Operating loss for 2025 was - $22,270 thousand, compared to - $19,256 thousand in 2024 .
• Net loss for 2025 was - $23,756 thousand, compared to - $20,795 thousand in 2024 .
• Comprehensive loss was - $23,753 thousand in 2025, compared to - $20,800 thousand in 2024 .

Cash Flow

• Net cash used in operating activities was - $18,201 thousand in 2025, compared to - $17,949 thousand in 2024 .
• Net cash used in investing activities was - $179 thousand in 2025, compared to - $980 thousand in 2024 .
• Net cash provided by financing activities was $16,633 thousand in 2025, compared to $20,198 thousand in 2024 .
• Cash at the end of the year was $3,739 thousand in 2025, down from $5,483 thousand in 2024 .

Balance Sheet Metrics

• Total assets were $8,558 thousand as of December 31, 2025, a decrease from $11,538 thousand in 2024 .
• Total liabilities were $20,325 thousand as of December 31, 2025, down from $30,380 thousand in 2024 .
• ENVOY MEDICAL, INC. extinguished over $32 million in debt, strengthening its balance sheet .
• Term loans payable (related party) were $0 thousand as of December 31, 2025, compared to $18,716 thousand in 2024 .
• Total stockholders’ deficit was - $12,158 thousand in 2025, an improvement from - $18,842 thousand in 2024 .
• The company strengthened its balance sheet with up to a $78 million public offering ($30 million received, $48 million potential from warrants) subsequent to year-end .

Operational Achievements

• ENVOY MEDICAL, INC. received FDA approval to expand its pivotal clinical trial for the fully implanted Acclaim® Cochlear Implant to its final stage based on promising three-month data .
• The company completed the first set of activations in the final stage of the pivotal clinical study for its Acclaim® Cochlear Implant and achieved a six-month milestone with the first 10 patients in the trial .
• Subsequent to year-end, ENVOY MEDICAL, INC. completed enrollment of a 56-patient U.S. pivotal trial for the fully implanted Acclaim® Cochlear Implant .
• The company expanded its IP portfolio to 47 patents across North America, Europe, Asia, and Australia as of February 20, 2026 .

Outlook / Guidance

ENVOY MEDICAL, INC. is positioned for an exceptional start to 2026 due to a transformational capital raise and completed enrollment for its pivotal clinical trial . The company intends to continue gathering data and looks forward to submitting its PMA application to the FDA . This aims to revolutionize hearing health with fully implanted solutions .